08:20am  Relaxing day at home today for me so I shall be glancing at my charts from time to time, if I have any trades they will be reported here.

Early start for a day in Norfolk tomorrow so next ‘Market Update’ will be on Wednesday.

Market Update:

After a fairly negative week for equities, there is still pessimism on trading floors as the European trading session is beginning to open.  Asian markets will be subdued as the Chinese Spring Festival and New Year celebrations take place for most of this coming week although the Japanese Nikkei 22 index has managed to post an encouraging 1.10% rise to 17,005 this morning.

The Gold price is still benefiting from the worries in equity markets, it is now at $1168:75 and closing in on the next resistance level at $1190/$1200.  There was a small amount of profit-taking during the quiet overnight Asian session but as Europe gets going the price is rising once again. Crude oil is turning bearish again, a resumption of the overall weekly/monthly trend that began last Thursday after the price hit a support just below $30 – U.S. WTI Crude is currently sitting at $30:99.

Trading Diary:

08:55am    European equity markets are falling quite rapidly this morning and this is affecting U.S. futures as well and I can see a possible trendFX trade setting up on the S&P500  —   if the price drops further on the 9am candle a trade may trigger.

09:10am   The S&P500 price has just fallen below the trigger level at 1880:90 so I am now in a ‘short’ position with a 51 pip stop loss.  This higher than normal figure is reflecting the relative volatility in equity markets this morning.

10:20am   All equity markets are down on average 2% this morning and this sentiment has meant a good profit for my S&P500 futures trade.  I have just closed off the position at +245 pips as the price has hit and bounced off the 1853.20 level twice in the last 30 minutes.

10:25am    Off for a cycle ride now as the wind speed rises upto 50mph, I shall send subscribers a chart screenshot of the S&P trade when I get back.

11:40am   Back now and just seen there’s been a few UTB ‘long’ trades that have triggered on a some equity charts in the last 30 minutes or so.  I now have 3 Skype calls then some lunch out with four trader friends so no more chart watching this morning.

14:35pm  Back from lunch but probably will not worry about watching any charts this afternoon – happy with my score so far today.

Away in Norfolk all day tomorrow on a Track Day so back trading on Wednesday.